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Economic Times
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Edu-wealth startup Zinc raises $25.5 million from Nexus Venture Partners, others
- Edu-wealth startup Zinc, founded by former PayU Credit chief executive and PaySense founder Prashanth Ranganathan has raised $25.5 million in seed funding.
- The round was led by Nexus Venture Partners, with participation from Quona Capital, EDBI, Global Ventures, and Saison Capital.
- Zinc aims to provide students and parents with a financial foundation specifically tailored to meet the rising costs of overseas education.
- As a first step, the company has introduced Zinc Honors, a product suite that offers all-in-one support including investment tools that diversify savings into international markets and a proprietary AI-powered education counsellor called Ada.
- Zinc has co-created a wealth fund with Singapore-based wealth management firm Leo Wealth, which is expected to roll out in November.
- Parents can invest in this fund with the aim of reaching a particular corpus within a set timeframe to fund their children’s overseas education, with built-in expert advice and rebalancing options.
- The company has already received approval for a Registered Investment Advisor (RIA) licence from the Securities and Exchange Board of India (Sebi) and an in-principle approval to operate as a Payment Service Provider (PSP).
- Zinc has applied for a brokerage licence from the International Financial Services Centres Authority (IFSCA) in GIFT City.
- Zinc plans to use the funds to drive product innovation, expand its offerings and secure key financial licences.
- According to Zinc's founder & CEO, Prashanth Ranganathan, most parents have the aspiration of sending their kids overseas for education and having them educated on the global stage.
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